Total revenue for the first quarter of 2018 increased 22% to $354.8
million from $291.4 million for the first quarter of 2017. Of the $63
million increase in the quarter, only $9.0 million was the result of
higher fuel prices.

Net income attributable to shareholders on a GAAP basis increased by
$19.2 million to $48.6 million, or $1.12 per diluted share, compared
with $29.4 million, or $0.68 per diluted share, for the first quarter of
2017. The Company's adjusted net income attributable to shareholders,
which is a non-GAAP measure, was $78.7 million for the first quarter of
2018, or $1.81 per diluted share, up 47% per diluted share from $52.9
million or $1.23 per diluted share for the same period last year. See
Exhibit 1 for a full explanation and reconciliation of adjusted net
income attributable to shareholders and adjusted net income attributable
to shareholders per diluted share to the comparable GAAP measures.

“I am pleased to report a strong start to the year, highlighted by top
and bottom line results above our guidance range with strong
contributions from each of our business segments,” said Melissa Smith,
WEX’s president and chief executive officer. “We remain focused on our
sustained ability to bring compelling new features and products to
market, which is allowing us to continue to sign new customers, retain
and grow our current base, and ultimately drive profitable growth.”

Smith continued, “In the first quarter, we built on our performance from
last year, with our employees across the world focused on bringing
future based solutions across many business-to-business markets through
the use of technology, adding a number of impressive wins, and
capitalizing on our organic growth opportunities. We look forward to
carrying this momentum through 2018.”

First Quarter 2018 Performance Metrics

Average number of vehicles serviced was approximately 11.5 million, an
increase of 8% from the first quarter of 2017.

Total fuel transactions processed increased 6% from the first quarter
of 2017 to 131.8 million. Payment processing transactions increased 7%
to 109.8 million.

U.S. retail fuel price increased 16% to $2.78 per gallon from $2.40
per gallon in the first quarter of 2017.

Travel and Corporate Solutions purchase volume grew 20% to $7.9
billion, from $6.6 billion in the first quarter of 2017.

Health and Employee Benefit Solutions average number of
Software-as-a-Service (SaaS) accounts in the U.S. grew 26% to 10.8
million from 8.6 million in the first quarter of 2017.

Financial Guidance and Assumptions

The Company provides revenue guidance on a GAAP basis and earnings
guidance on a non-GAAP basis, due to the uncertainty and an
indeterminate amount of certain elements that are included in reported
GAAP earnings.

For the full year 2018, the Company expects revenue in the range of
$1.435 billion to $1.475 billion and adjusted net income in the range
of $337 million to $355 million, or $7.75 to $8.15 per diluted share.

For the second quarter of 2018, WEX expects revenue in the range of
$357 million to $367 million and adjusted net income in the range of
$85 million to $90 million, or $1.96 to $2.06 per diluted share.

“Our first quarter performance reflects our sustained ability to drive
growth. We are confident with our current position and will strive to
identify additional opportunities for growth throughout the year, and
drive scale through solid execution," said Roberto Simon, WEX's chief
financial officer.

Second quarter 2018 guidance is based on an assumed average U.S. retail
fuel price of $2.90 per gallon. Full year 2018 guidance is based on an
assumed average U.S. retail fuel price of $2.80 per gallon. The fuel
prices referenced above are based on the applicable NYMEX futures price.
Our guidance assumes approximately 43.5 million shares outstanding for
the second quarter and full year 2018.

The Company's guidance also assumes that second quarter 2018 fleet
credit loss will range from 10 to 15 basis points and full year will
range from 11 to 16 basis points.

The Company's adjusted net income guidance, which is a non-GAAP measure,
excludes unrealized gains and losses on derivative instruments, net
foreign currency remeasurement gains and losses and related derivatives,
acquisition related intangible amortization, other acquisition and
divestiture related items, stock-based compensation, restructuring and
other costs, debt restructuring and debt issuance cost amortization,
similar adjustments attributable to our non-controlling interest and
certain tax related items. We are unable to reconcile our adjusted net
income guidance to the comparable GAAP measure without unreasonable
effort because of the difficulty in predicting the amounts to be
adjusted, including but not limited to, foreign currency exchange rates,
unrealized gains and losses on derivative instruments and acquisition
and divestiture related items, which may have a significant impact on
our financial results.

Additional Information

As previously disclosed, beginning in the first quarter of 2018, the
Company has modified the presentation of certain line items in its
unaudited condensed consolidated statements of income. Under the new
presentation, the Company will segregate costs of services from other
operating expenses and has reclassified its operating expenses into
functional categories in order to provide additional detail into the
underlying drivers of changes in operating expenses and align its
presentation with industry practice. There are no changes to the
presentation of revenues, non-operating expenses or other statement of
income captions. Additionally, the revised presentation does not result
in a change to previously reported revenues, operating income, income
before income taxes or net income. Amounts from the prior period have
been recast to reflect the new presentation.

Management uses the non-GAAP measures presented within this news release
to evaluate the Company's performance on a comparable basis. Management
believes that investors may find these measures useful for the same
purposes, but cautions that they should not be considered a substitute
for, or superior to, disclosure in accordance with GAAP.

To provide investors with additional insight into its operational
performance, WEX has included in this news release in Exhibit 2, a table
illustrating the impact of foreign currency translations and fuel prices
for each of our reportable segments for the three months ended March 31,
2018 and 2017, and in Exhibit 3, a table of selected non-financial
metrics for the quarter ended March 31, 2018 and four preceding
quarters. The Company is also providing selected segment revenue
information for the three months ended March 31, 2018 and 2017 in
Exhibit 4.

Conference Call Details

In conjunction with this announcement, WEX will host a conference call
today, May 3, 2018, at 9:00 a.m. (ET). As previously announced, the
conference call will be webcast live on the Internet, and can be
accessed along with the accompanying slides at the Investor Relations
section of the WEX website, www.wexinc.com.
The live conference call also can be accessed by dialing (866) 334-7066
or (973) 935-8463. The Conference ID number is 90476316. A replay of the
webcast and the accompanying slides will be available on the Company's
website.

About WEX

Powered by the belief that complex payment systems can be made simple,
WEX (NYSE:WEX) is a leading provider of payment processing and business
solutions across a wide spectrum of sectors, including fleet, travel and
healthcare. WEX operates in more than 10 countries and in more than 20
currencies through more than 3,300 associates around the world. WEX
fleet cards offer 11.5 million vehicles exceptional payment security and
control; purchase volume in travel and corporate solutions grew to $7.9
billion; and the WEX Health financial technology platform helps 300,000
employers and more than 25 million consumers better manage healthcare
expenses. For more information, visit www.wexinc.com.

Forward-Looking Statements

This earnings release contains forward-looking statements, including
statements regarding: financial guidance; assumptions underlying the
Company's financial guidance; future growth opportunities; customer
signings; profitability; technology advances; and, market expansion. Any
statements that are not statements of historical facts may be deemed to
be forward-looking statements. When used in this earnings release, the
words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “project” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain such words. These forward-looking
statements are subject to a number of risks and uncertainties that could
cause actual results to differ materially, including: the effects of
general economic conditions on fueling patterns as well as payment and
transaction processing activity; the impact of foreign currency exchange
rates on the Company’s operations, revenue and income; changes in
interest rates; the impact of fluctuations in fuel prices; the effects
of the Company’s business expansion and acquisition efforts; potential
adverse changes to business or employee relationships, including those
resulting from the completion of an acquisition; competitive responses
to any acquisitions; uncertainty of the expected financial performance
of the combined operations following completion of an acquisition; the
ability to successfully integrate the Company's acquisitions; the
ability to realize anticipated synergies and cost savings; unexpected
costs, charges or expenses resulting from an acquisition; the Company's
failure to successfully operate and expand ExxonMobil's European and
Asian commercial fuel card programs; the failure of corporate
investments to result in anticipated strategic value; the impact and
size of credit losses; the impact of changes to the Company's credit
standards; breaches of the Company’s technology systems or those of our
third-party service providers and any resulting negative impact on our
reputation, liabilities or relationships with customers or merchants;
the Company’s failure to maintain or renew key agreements; failure to
expand the Company’s technological capabilities and service offerings as
rapidly as the Company’s competitors; failure to successfully implement
the Company's information technology strategies and capabilities in
connection with its technology outsourcing and insourcing arrangements
and any resulting cost associated with that failure; the actions of
regulatory bodies, including banking and securities regulators, or
possible changes in banking or financial regulations impacting the
Company’s industrial bank, the Company as the corporate parent or other
subsidiaries or affiliates; the impact of the Company’s outstanding
notes on its operations; the impact of increased leverage on the
Company's operations, results or borrowing capacity generally, and as a
result of acquisitions specifically; the incurrence of impairment
charges if our assessment of the fair value of certain of our reporting
units changes; the uncertainties of litigation; as well as other risks
and uncertainties identified in Item 1A of our Annual Report for the
year ended December 31, 2017, filed on Form 10-K with the Securities and
Exchange Commission on March 1, 2018. The Company's forward-looking
statements do not reflect the potential future impact of any alliance,
merger, acquisition, disposition or stock repurchases. The
forward-looking statements speak only as of the date of this earnings
release and undue reliance should not be placed on these statements. The
Company disclaims any obligation to update any forward-looking
statements as a result of new information, future events or otherwise.

WEX INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(unaudited)

Three months ended March 31,

2018

2017

Revenues

Payment processing revenue

$

168,454

$

136,378

Account servicing revenue

78,704

61,539

Finance fee revenue

49,682

43,372

Other revenue

57,989

50,068

Total revenues

354,829

291,357

Cost of services

Processing costs

79,640

64,334

Service fees

12,326

17,600

Provision for credit losses

13,990

12,231

Operating interest

8,485

4,893

Depreciation and amortization

20,450

17,384

Total cost of services

134,891

116,442

General and administrative

55,309

42,151

Sales and marketing

56,541

40,158

Depreciation and amortization

29,726

31,854

Operating income

78,362

60,752

Financing interest expense

(27,337

)

(27,148

)

Net foreign currency gain

390

8,442

Net unrealized gains on interest rate swap agreements

13,508

1,565

Income before income taxes

64,923

43,611

Income taxes

15,589

14,535

Net income

49,334

29,076

Less: Net income (loss) from non–controlling interest

701

(325

)

Net income attributable to shareholders

$

48,633

$

29,401

Net income attributable to WEX Inc. per share:

Basic

$

1.13

$

0.69

Diluted

$

1.12

$

0.68

Weighted average common shares outstanding:

Basic

43,049

42,871

Diluted

43,450

43,119

WEX INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

March 31,

December 31,

2018

2017

Assets

Cash and cash equivalents

$

373,169

$

508,072

Restricted cash

26,716

18,866

Accounts receivable (net of allowances of $31,443 in 2018 and
$30,207 in 2017)

2,770,399

2,517,980

Securitized accounts receivable, restricted

170,327

150,235

Prepaid expenses and other current assets

80,598

69,413

Total current assets

3,421,209

3,264,566

Property, equipment and capitalized software (net of accumulated
depreciation of $279,693 in 2018 and $264,928 in 2017)

162,968

163,908

Goodwill

1,876,922

1,876,132

Other intangible assets (net of accumulated amortization of $427,812
in 2018 and $392,827 in 2017)

Although adjusted net income is not calculated in accordance with
generally accepted accounting principles (“GAAP”), this non-GAAP measure
is integral to the Company's reporting and planning processes and the
chief operating decision maker of the Company uses segment adjusted
operating income to allocate resources among our operating segments. The
Company considers this measure integral because it excludes the
above-specified items that the Company's management excludes in
evaluating the Company's performance. Specifically, in addition to
evaluating the Company's performance on a GAAP basis, management
evaluates the Company's performance on a basis that excludes the above
items because:

Exclusion of the non-cash, mark-to-market adjustments on derivative
instruments, including interest rate swap agreements, helps management
identify and assess trends in the Company's underlying business that
might otherwise be obscured due to quarterly non-cash earnings
fluctuations associated with these derivative contracts.

Net foreign currency gains and losses primarily result from the
remeasurement to functional currency of cash, receivable and payable
balances, certain intercompany notes denominated in foreign currencies
and any gain or loss on foreign currency hedges relating to these
items. The exclusion of these items helps management compare changes
in operating results between periods that might otherwise be obscured
due to currency fluctuations.

The Company considers certain acquisition-related costs, including
certain financing costs, investment banking fees, warranty and
indemnity insurance, certain integration related expenses and
amortization of acquired intangibles, as well as gains and losses from
divestitures, to be unpredictable, dependent on factors that may be
outside of our control and unrelated to the continuing operations of
the acquired or divested business or the Company. In prior periods not
reflected above, the Company has adjusted for goodwill impairments,
acquisition-related asset impairments and gains and losses on
divestitures. In addition, the size and complexity of an acquisition,
which often drives the magnitude of acquisition-related costs, may not
be indicative of such future costs. The Company believes that
excluding acquisition-related costs and gains or losses of
divestitures facilitates the comparison of our financial results to
the Company's historical operating results and to other companies in
our industry.

Stock-based compensation is different from other forms of compensation
as it is a non-cash expense. For example, a cash salary generally has
a fixed and unvarying cash cost. In contrast, the expense associated
with an equity-based award is generally unrelated to the amount of
cash ultimately received by the employee, and the cost to the Company
is based on a stock-based compensation valuation methodology and
underlying assumptions that may vary over time.

Restructuring and other costs are related to employee termination
benefits from certain identified initiatives to further streamline the
business, improve the Company's efficiency, create synergies and to
globalize the Company's operations, all with an objective to improve
scale and increase profitability going forward. We exclude these items
when evaluating our continuing business performance as such items are
not consistently occurring and do not reflect expected future
operating expense, nor do they provide insight into the fundamentals
of current or past operations of our business.

Debt restructuring and debt issuance cost amortization are unrelated
to the continuing operations of the Company. Debt restructuring costs
are not consistently occurring and do not reflect expected future
operating expense, nor do they provide insight into the fundamentals
of current or past operations of our business. In addition, since debt
issuance cost amortization is dependent upon the financing method
which can vary widely company to company, we believe that excluding
these costs helps to facilitate comparison to historical results as
well as to other companies within our industry.

The adjustments attributable to non-controlling interest have no
significant impact on the ongoing operations of the business.

The tax related items are the difference between the Company’s U.S.
GAAP tax provision and a pro forma tax provision based upon the
Company’s adjusted net income before taxes as well as the impact from
certain discrete tax items. The methodology utilized for calculating
the Company’s adjusted net income tax provision is the same
methodology utilized in calculating the Company’s U.S. GAAP tax
provision.

For the same reasons, WEX believes that adjusted net income may also be
useful to investors as one means of evaluating the Company's
performance. However, because adjusted net income is a non-GAAP measure,
it should not be considered as a substitute for, or superior to, net
income, operating income or cash flows from operating activities as
determined in accordance with GAAP. In addition, adjusted net income as
used by WEX may not be comparable to similarly titled measures employed
by other companies.

The table below shows the impact of certain macro factors on reported
revenue:

Exhibit 2

Segment Revenue Results

(in thousands)

(unaudited)

Travel and Corporate

Health and Employee

Fleet Solutions

Solutions

Benefit Solutions

Total WEX Inc.

Three months ended March 31,

2018

2017

2018

2017

2018

2017

2018

2017

Reported revenue

$

230,365

$

190,823

$

66,779

$

47,713

$

57,685

$

52,821

$

354,829

$

291,357

FX impact (favorable) / unfavorable

(2,975

)

—

(1,432

)

—

218

—

(4,189

)

—

PPG impact (favorable) / unfavorable

(8,968

)

—

—

—

—

—

(8,968

)

—

To determine the impact of foreign exchange translation (“FX”) on
revenue, revenue from entities whose functional currency is not
denominated in U.S. dollars, as well as revenue from purchase volume
transacted in non-U.S. denominated currencies, were translated using the
weighted average exchange rates for the same period in the prior year.

To determine the impact of price per gallon of fuel (“PPG”) on revenue,
revenue variable to changes in fuel prices was calculated based on the
average retail price of fuel for the same period in the prior year for
the portion of our business that earns revenue based on a percentage of
fuel spend. For the portions of our business that earn revenue based on
margin spreads, revenue was calculated utilizing the comparable margin
from the prior year.

To determine the estimated earnings impact of FX, revenue and expenses
from entities whose functional currency is not denominated in U.S.
dollars, as well as revenue and variable expenses from purchase volume
transacted in non-U.S. denominated currencies, were translated using the
weighted average exchange rates for the same period in the prior year,
net of tax.

To determine the estimated earnings impact of PPG, revenue and certain
variable expenses impacted by changes in fuel prices, were adjusted
based on the average retail price of fuel for the same period in the
prior year for the portion of our business that earns revenue based on a
percentage of fuel spend, net of applicable taxes. For the portions of
our business that earn revenue based on margin spreads, revenue was
adjusted to the comparable margin from the prior year, net of
non-controlling interest and applicable taxes.

Payment processing transactions represents the total number of purchases
made by fleets that have a payment processing relationship with WEX.

Payment processing gallons of fuel represents the total number of
gallons of fuel purchased by fleets that have a payment processing
relationship with WEX.

Payment processing dollars of fuel represents the total dollar value of
the fuel purchased by fleets that have a payment processing relationship
with WEX.

Net payment processing rate prior to January 1, 2018 represents the
percentage of the dollar value of each payment processing transaction
that WEX records as revenue from merchants, less any discounts given to
fleets or strategic relationships. With the adoption of Topic 606,
effective January 1, 2018, net payment processing rate represents the
percentage of the dollar value of each payment processing transaction
that WEX records as revenue from merchants less certain discounts given
to customers and network payments.

Net late fee rate represents late fee revenue as a percentage of fuel
purchased by fleets that have a payment processing relationship with WEX.

Late fee revenue represents fees charged for payments not made within
the terms of the customer agreement based upon the outstanding customer
receivable balance.

Purchase volume in the Travel and Corporate Solutions segment represents
the total dollar value of all transactions that use WEX corporate card
products and virtual card products.

Net interchange rate prior to January 1, 2018 represents the percentage
of the dollar value of each transaction that WEX records as revenue,
less any discounts given to customers or strategic relationships. With
the adoption of Topic 606, effective January 1, 2018, net interchange
rate represents the percentage of the dollar value of each payment
processing transaction that WEX records as revenue from merchants, less
certain discounts given to customers and network fees.

Purchase volume in the Health and Employee Benefit Solutions segment
represents the total US dollar value of all transactions where
interchange is earned by WEX.

Average number of Health and Employee Benefit Solutions accounts
represents the number of active flexible spending, health savings and
reimbursement accounts in the United States.